Having a credit card is a great step to starting your credit score. However, just having the card and not doing anything with it have very little impact. The best way to take advantage of it is to periodically use and payoff the card to establish yourself in the world of credit. Your credit score is based on your credit to debt ratio. Get a couple of cards open and keep balances low or zero (but use them from time to time) and you will find yourself enroute to a great credit outlook!
The fastest way to raise your credit score is to pay off all of your outstanding credit card debts and any non-collateralized personal loans. After two (2) months, the status of zero balances across many products will raise your credit score. Now, if your credit score is low because of missed payments, judgments, writeoffs, etc., doing the above will raise your score, but not to a level where you will find it easy to obtain new credit instruments.
One of the best ways to raise your credit score would be to get a credit card, use it for some of your usual purchases, and then pay it off. For instance, if you apply for a credit card, use it to buy groceries or gas, and then pay it on time you will see a pretty quick improvement in your credit score.
If you are an authorized user of another persons credit it has no effect on your credit at all. It will not raise nor lower your score. The credit card company simple issues you a card with your name on it and then holds the person who holds the credit with them responsible for any charges you make.
things that raise your credit score are , having major cards open more than 3 years, and showing good standing with that creditor. you dont have to use a credit card to show good standing. yes paying off high dept will raise your score. and having too much on your cards even if you pay on time will lower it.
Most likely it will. The credit agencies may not know whether you cancelled your account, or if it was taken away from you by the credit card company. If you are concerned about your credit score, then having 2 to 3 credit cards will generally raise your score, as it demonstrates that each credit card company believes you to be capable of paying their credit card bills. Only use those credit cards enough times a year that they will not be canceled due to non-use.
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